Abstract
This study investigates the King vs. Rich dilemma that founder-CEOs face at IPO. When undertaking IPO, founders face two options. They can either get rich, but then run the risk of losing the control over their firms; or they can remain kings by introducing defensive mechanisms, but this is likely to lead to lower IPO valuation. Using psychological ownership theory, we argue founder-CEOs to be more likely to choose the King option. This option forces them to leave money on the table at the IPO. However, their stewardship behavior allows them to recover that money on the long-run post IPO. We provide support for all hypotheses using a unique hand-collected dataset covering the full population of 467 IPOs undertaken in France between 1992 and 2011.
Originalsprog | Engelsk |
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Titel | Academy of Management Proceedings 2013 |
Redaktører | Leslie Toombs |
Antal sider | 6 |
Udgivelsessted | Briar Cliff Manor, NY |
Forlag | Academy of Management |
Publikationsdato | 2013 |
Sider | 1373-1378 |
DOI | |
Status | Udgivet - 2013 |
Begivenhed | The Academy of Management Annual Meeting 2013: Capitalism in Question - Lake Bueno Vista (Orlando), FL, USA Varighed: 9 aug. 2013 → 13 aug. 2013 Konferencens nummer: 73 http://aom.org/annualmeeting/ |
Konference
Konference | The Academy of Management Annual Meeting 2013 |
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Nummer | 73 |
Land/Område | USA |
By | Lake Bueno Vista (Orlando), FL |
Periode | 09/08/2013 → 13/08/2013 |
Internetadresse |
Navn | Academy of Management Proceedings |
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Vol/bind | 2013 |
ISSN | 2151-6561 |